Why austerity is easier to implement in some countries than others – and why this was not the case for Greece

Walter, Stefanie
(2016)
Why austerity is easier to implement in some countries than others – and why this was not the case for Greece.LSE European Politics and Policy (EUROPP) Blog
(17 Oct 2016).
Blog Entry.

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Abstract

It is now roughly seven years since the Greek economic crisis first emerged, but why has the crisis in Greece proven so difficult to address in comparison to other Eurozone countries? Based on an analysis of crisis management in several European states, Stefanie Walter writes that because internal reform and a euro exit were particularly costly options for Greece, it opted for a path of reforming only as much as is necessary to retain outside funding. As this strategy is unlikely to be viable indefinitely, the crisis will remain unresolved for the foreseeable future.